Ireland’s Central Bank official warns that cryptocurrency investors must be ready to lose all their holdings. Ireland’s Central Bank Director General for financial conduct has become the latest official to point out Bitcoin issues.
Derville Rowland appointed as Director-General in the Central Bank of Ireland. Moreover, she is responsible for consumer protection. She also has responsibilities of securities and market supervision along with enforcement of policy and risk.
She said that the cryptocurrency industry would however, follow a major market sell-off. According to a Bloomberg report, she also warned that the growing popularity of cryptocurrencies like Bitcoin is of great concern. She also said that cryptocurrencies are quite a speculative and unregulated investment.
Investors should be aware that they could lose the whole of that investment at any moment. However Crypto market sheds nearly $1 trillion in a matter of days which became one of the most significant historic Crypto sell-off.
She is about to take over as chairwoman of the European securities and market authorities investment management standing committee in July. Her perspective on Crypto set to contribute to the Global regulation of space.
She outlined some concerns around Crypto earlier this year, stating that these assets are not regulated and pose a significant risk for the investors due to their high volatile nature.
As one of the top executives at Ireland’s central bank, Rowland is known for her stringent stance on financial violations and also involvement in major enforcement investigations.